- The Zcash coin seems to be bullish as it has gained around 10% of the cost in the last 24 hours.
- ZEC coin has been receiving multiple rejections near the 20-day moving average.
- Amid high momentum, trading volume increased by 74% in the last 24 hours.
After the dramatic drop, many altcoins have recovered and reclaimed over 20-30% in the past three weeks. Despite the stability in the cryptocurrency today, the Zcash coin continues to move lower with higher-low formation during the daily price scale.
Instead of selling, the Zcash token is in the green at 7.7% this month. However, the bulls are barely trying to push the altcoin price higher. As a result, the price action shows a solid bullish candle since July 13. The altcoin formed a solid bullish candle a few days ago, so this bullish rally could be in the offing.
During the uptrend, the Zcash coin broke above the 20-day EMA, which was a solid selling point for the bulls for a long time. Meanwhile, today ZEC price was seen above the 20 DMA while the coin was trading at the $58.6 mark at the time of this writing.
The $60 resistance level is near the current price. So if the bulls maintain the price above the 20 DMA, they can also acquire this zone in close terms. During the rally, the altcoin market cap exceeded $850 million and has gained over 10% in the past 24 hours.
The daily RSI is still below the halfway mark (50 points) against higher momentum in the Zcash coin. Although the RSI peak recently declined into the oversold zone, it still shows weak bullish signs until it reaches above the 50 mark.
Stoch RSI Displays Recovery Signs
In terms of the daily price chart, the altcoin price is still trading below the red zone of the Super Trend indicator. Moreover, the Stoch RSI is again moving towards the overbought zone.
Conclusion
Amid a bullish trend, the bulls need to push Zcash price above the previous swing high of $62.5. And as per the weekly price chart, Stoch RSI remained well in the highly oversold zone, so further upside could be possible.
support level- $52 and $40
Resistance level- $80 and $100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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